New Projects Can Still Beat Out ‘Big Dog’ Incumbents of Web3 (Here’s Proof)
TL;DR
-
Sui is lower than 12 months previous, and simply grew to become a prime 10 DeFi blockchain, overtaking lengthy established initiatives like Bitcoin and Cardano.
Full Story
You realize what we love in regards to the Web3 area?
The little man can nonetheless be a risk.
You ain’t gettin’ that in Web2! (Are you able to think about a scrappy startup dethroning Apple or Google? Not an opportunity).
What prompted this proclamation? Sui.
It’s a mission that we knew next-to-nothing about till this morning, exterior of:
-
Its identify (which we consistently get confused with the Sei mission).
-
And the truth that it was constructed by the parents engaged on Meta’s since-defunct ‘Diem’ token.
Now, get this:
Sui is lower than 12 months previous, and simply grew to become a prime 10 DeFi blockchain, overtaking loooong established initiatives like Bitcoin and Cardano.
Right here’s the place that’s vital, and in addition the place it’s a bit deceptive:
Sui grew to become a prime 10 DeFi blockchain when the greenback worth locked up within the mission topped $430M — that’s genuinely spectacular for such a younger mission!
Overtaking Cardano in complete worth locked? Additionally spectacular!
Overtaking Bitcoin? Surprisingly, not as spectacular.
Many of the worth ‘locked’ in DeFi initiatives, like Sui, comes from their staking and lending performance — two issues Bitcoin doesn’t natively help.
(So it’s type of like saying “Nike makes higher trainers than Toyota.”)
Nonetheless, all of these items thought of, Sui’s fast escalation goes to point out that we’re nonetheless so early, and Web3 remains to be but to be ‘received.’
Can we get a “hell yeah!” and a working chest bump??
(Guys?).
